We all love a great getting-out-of-debt story! They inspire us all to get off of our bums and get working to pay off whatever debt we have.

But my biggest problem is always that the debt-pay-off stories always involve someone who is making a ton of money! We’re talking people who can pay off $100,000 in debt in 2 months… you need to be making that much in 2 months to be able to afford that!

For many people, that isn’t the case. In fact, many people with significant debt who I talk to come from a place with a very small income.

It might even feel like there is no one out there who understands. It might even feel hopeless if you’re not bringing in a whole lot of money but want to get out of debt.

Finally, I was able to find someone to talk to you about exactly that!

I’m so thankful to be able to talk to Hellen today in this guest post. Hellen is going to share with you how she was able to get out of debt with a very limited income.

You will actually have some actionable steps that you can take to be able to cut your debt. Read Hellen’s story below.

4 Tips for Getting Out of Debt on a Limited Budget

Having to repay a bank loan or serving a credit line sometimes sounds tough. Even if you have a significant monthly income, getting around it is stressful.

However, the repayment itself is almost never impossible even if you are on very tight and limited budget.

The trick is in following simple everyday steps and habits that will help you grow your savings and manage your bank accounts in the long run. Here is what you can do!

1. Plan ahead

Shopping with no clear plan can prove to be disastrous to your wallet. You don’t buy what you need to buy, but rather what you feel you need.

It’s no secret – all marketing campaigns and product placements are justified on the presumption that customers will resort to impulsive shopping. Don’t be that guy!

It’s not so hard to write down a list of groceries and things you need when planning to visit the store or the local market. Deviating from the list for a small amount of stuff bought is justified, but you will never spend a buck more than you need if you begin and follow this simple practice.

Same goes for any other kind of shopping. Even if we are talking about the very rare shopping sprees here.

2. Search for better prices

You should be grateful living in the today’s world. Why? You can find anything you need in just a couple of mouse clicks. And with such fierce competition and price wars going on in every single product niche, it would be foolish of you to resort to buying the first thing you stumble upon.

Why not do a little more thorough search for your desired product? It might just happen that you’ll run into a discount to another store, or you might find a product with very similar characteristics for a much lower price.

Don’t forget to respect your money. You worked hard to earn it in the first place, didn’t you?

3. Cut bank expenses

There are so many banking services available today that it’s almost a must for anyone who is troubled with any debt or bank loan to be aware of their presence. Did you know that you can consolidate your bank loans if you have a couple of them outstanding? Did you know that you can engage in debt agreement in which you’ll settle for paying down what you can afford based on your budget and not on what you owe?

If you didn’t know this by now, make sure not to go down the road of giving all your money to interests. Always be informed of different possibilities.

4. Learn how to multiply your money

Here we come to the point where we turn our attention from merely saving money to investing it in opportunities that will make your money grow. Sometimes, when savings rates are on the low, saving your money will get you nowhere. Don’t ever forget that inflation will eat up all your money if you stick to it for too long.

Instead, think of ways to invest your money further and try to take advantage of possible financial opportunities. For you to play this game of investing, you will have to be thoroughly informed.

If you succeed to multiply your money, you will make it grow much faster and will significantly speed up the process of getting out of debt.

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